We are aware of the crashes that can occur with late model Apple computers running 10.7.2 and have worked closely with Apple to address this issue. If you find that AIR is crashing on your system, please update to OS 10.7.3. If you still encounter issues please create a new thread and include your crash log for further examination.

If you had previously disabled "Automatic graphics switching" (see screenshot below), you should now be able to safely re-enable this feature without impacting AIR performance.

I can confirm that's Chris's information is accurate, at least for my company's application, which is built using Adobe AIR. With "Automatic graphics switching" turned on (and no Chrome or Firefox running), AIR apps would crash upon launch with Mac Lion 10.7.2. After upgrading to Lion 10.7.3, the apps launch normally. Thanks for working this out with Apple.